ORIOLE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $790,000 Cost of goods sold 570,000 Gross profit 220,000 Operating expenses Selling expenses 54,000 Administrative expenses 92.000 146,000 Net income $74,000 Additional information: 1. Accounts receivable decreased $61,000 during the year. 2. Inventory increased $40,000 during the year. 3. Prepaid expenses increased $11,000 during the year. 4. Accounts payable increased $26,000 during the year. 5. Accrued expenses payable increased $6,000 during the year. 6. Administrative expenses include depreciation expense of $19.000. ORIOLE COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Receipts from Customers $ 851.000 Cash Payments to Suppliers $ Cash Payments for Operating Expenses Net Cash Provided by Operating Activities $ Save for Later Last saved 56 minutes ago Attempts: 0 of 1 used